Financing question

[cobbler]

I am sure they call the employeer when financing to verify income. But does anyone know what is said or if they say what it is for or where they are from etc?

Hubby and I are buying, but we don't want to tell our family. We will either get huge lectures on what a waste of money it is OR they will come out of the woodwork to try to take advantage of our accomodations.

Problem is hubby works for the company my parents own so if they call they will have to speak to my mother about income. We just don't want them to know and wonder what they say.

 

[Greysword]

Wow, they did not call my employer. We just sent them a copy of our currenty paystubs and our W-2s to prove employment.

 

[cobbler]

Well that gives me hope then, maybe they won't because both of our paystubs are current.

 

[4mcbjCtr]

They will ask for a paystub

 

[Anewman]

Yes current paystubs is all it took for us. Wifes company has policy to tell employees when inquiries are made.

 

[joshua121301]

We signed up the same week that you did and DVC did not call my employer. We sent in the W2 and have received our approval. So I don't believe that they will call.

 

[cobbler]

Woo hoo, this is good news. We did send in both our current paystubs. My family is the lecture family. DH's can be the leaches.

 

[Blue&Gold]

I can understand the leaches, they just want to get in on a good thing. Don't understand the "lecturers." What business is it of theirs?

I doubt DVD confirms much of anything other than running a standard 3-bureau credit check. And that probably serves only to help them set their level of downpayment required. Other threads about folks making payments on their downpayment (???) lead me to believe that Disney will finance just about anyone. They cary almost zero risk as they can "repo" the points and re-sell them pretty painlessly.

 

[AFMom]

We also just sent in pay info - dh is in the military - boy would they get the run-around if they tried to call there!!!! Our in-laws have certainly done the roll-the-eyes at us for our purchases - they can't understand it at all. But I think after we have them stay with us next December they'll be able to appreciate what we're getting our of it a lot more!!!!

 

[kasowell]

It is my understanding that if you are in Disney visiting, according to Florida law they have to finance the purchase. I may be wrong but I know the other timeshares have to finance the purchase. And yes other than the time for the paper work DVC doesn't lose any money on a repo.

 

[Daitcher]

I am sure they call the employeer when financing to verify income. But does anyone know what is said or if they say what it is for or where they are from etc?

Hubby and I are buying, but we don't want to tell our family. We will either get huge lectures on what a waste of money it is OR they will come out of the woodwork to try to take advantage of our accomodations.

Problem is hubby works for the company my parents own so if they call they will have to speak to my mother about income. We just don't want them to know and wonder what they say.

I have to ask how old you guys are? Who cares what there parents think as an adult? Not me, I'll tell you that. Someone in your family has to grow a spine and stand up to them. What you do with your money is your business. Guess what, there is no obligation to invite family because you own a timeshare. Vacation time is precious and you spend it with who you choose. I doubt DVC would call your employer. If they did it would be a simple call. I wouldn't think in this day and age with the privacy issues that they would say it was about a DVC purchase. Good luck with it.

DAVE

 

[cobbler]

I have to ask how old you guys are? Who cares what there parents think as an adult? Not me, I'll tell you that. Someone in your family has to grow a spine and stand up to them. What you do with your money is your business. Guess what, there is no obligation to invite family because you own a timeshare. Vacation time is precious and you spend it with who you choose. I doubt DVC would call your employer. If they did it would be a simple call. I wouldn't think in this day and age with the privacy issues that they would say it was about a DVC purchase. Good luck with it.

DAVE

I am 28, hubby just turned 34. We don't plan on inviting them because we don't want them to know. I just get the lectures of how we could better spend our money . . . you shouldn't finance . . . (which I agree but we did a cost analysis and will have it paid off in 3 years flat and actually will save money by financing then saving it for 3 years and paying cash the rate the points go up) and blah blah blah. . .

I honestly just don't feel like hearing it, even if I tell them it isn't their business. Next thing they will turn around and want to know if they can borrow it and so on.

Then I have my father who says I will regret going to Disney as much as we do in 20 years blah blah blah. So hubby and I just want to keep this OUR secret and NOT tell them. They are just pretty good at lectures and no matter how many times you tell them they do anyway. You know, I think everyone has one or two in their family

 

[rocketriter]

I know from experience that standing up to one's family does not necessarily shut them up. They simply make listening to them the price of associating with them. So to end the lectures you'd have to cut off contact entirely which is, in many cases, far too drastic. It's much simpler to cut them off from the information that pulls their chain.

Disney contacted neither our employer nor our family. They just ran an automated credit check that told them how much down payment to ask for, and that was it. We took a 10 year plan for the flexibility, but paid ahead each month for a substantial savings in interest costs.